Oil distribution trade association FPS (Federation of Petroleum Suppliers) say the price of heating oil has dropped to a ten year low for the 1.5m homes across the UK who currently use heating oil. Making it far cheaper than other forms of off grid energy like Electricity and LPG and even less than mains gas.
The latest official figures by Sutherland Tables, an independent provider of comparative home heating costs for the most common fuels in the UK and Republic of Ireland, said to heat a 3-bedroom home in Great Britain using an oil condensing boiler was £793 per annum compared to £1548 for an LPG condensing boiler and £1600 per annum if you use electricity to heat your home, whilst mains gas comes out at £1038 per year and with the price of oil dropping since these figures were released (Q4 2015) the annual cost of heating a home on oil will now be even less.
Chief Executive of the FPS Mark Askew comments:
“It is great news for off grid homeowners who are typically seeing savings of up to 50% compared to the same time last year.
There are also ways people can save more. They should buy their oil less frequently, in larger quantities, to reduce the number of deliveries and the costs associated with it. Also buying more when the weather is good, and distributors are less busy, should make purchases better value. People should also speak to their local supplier about setting up a monthly budget account to help spread the cost of buying their oil."
The FPS has a ‘Find My Distributor’ facility on the OilSave website so people can check prices with their local suppliers, of which, in any one area, there will be approx. four or more heating oil distributors.”
FPS Top tips for domestic heating oil consumers
- Fill up your tank well before winter arrives. Suppliers are less busy and can offer better value.
- Ask two oil suppliers for quotes and get the best price. You may find you can get a better deal if you develop a relationship with one supplier.
- If you have difficulty paying for your fuel on delivery, ask your supplier about flexible payment options.
- If switching supplier, give your new supplier accurate delivery instructions so they can then send an appropriate delivery vehicle and the driver can safely fill the correct tank.